According to a recent report from Glassnode, Ethereum stakers have shown increased motivation, leading to a rise in staking ETH deposits. This motivation can be attributed to the implementation of the Shanghai hard fork by the Ethereum team on April 12, 2023.
The report highlights that daily ETH staking deposit activity reached a new high on June 2, with approximately 14,000 new ETH deposits made, totaling around 410,000 ETH. However, when observing ETH deposit transfers to crypto exchanges, they have remained relatively stable at around 30,000 ETH compared to inflows to the staking contract.
In June, the average daily deposits amounted to 2,627 ETH, according to the report shared by Glassnode. This data indicates a notable increase in Ethereum staking activity during that period.
The Shanghai hardfork has motivated a fresh wave of #Ethereum staking deposits, as stakers find confidence in this new flexibility.
Deposit activity🔵reached a peak on 2-June, recording over 13,595 new deposits (worth over 408k ETH). For comparison, we can compare this to ETH… pic.twitter.com/Z0nubl0M4r
— glassnode (@glassnode) July 4, 2023
Lido becomes the leading ETH staking provider
Yesterday, Glassnode also published a report on the recent ETH staking activity, showing that after the Shanghai upgrade took place in April, Lido has been maintaining “an impressive dominance.” Lido is a DAO (decentralized autonomous organization) that provides stakers with stETH tokens in exchange for Ethers they lock in the DAO.
According to the Glassnode report, stETH has become a preferred collateral asset with DeFi users by now.
Since the #Ethereum Shanghai upgrade, a very clear market preference for liquid staking tokens has emerged.
Lido’s stETH maintains an impressive dominance, with DeFi capital flows suggesting it has become a preferred collateral asset.
Discover more in the latest Week… pic.twitter.com/PAGcdyqh0D
— glassnode (@glassnode) July 3, 2023
After Shanghai, a lot of Ethereum was withdrawn from the ETH 2.0 staking contract, but then investors decided to stake their Ethers again – into DeFi platforms this time.
After the aforementioned upgrade in April, the amount of ETH deposits rose from 460 to 8,108 per day.